The best way to safeguard your savings from risks that loom everywhere is going offshore. More people are starting to appreciate that having an offshore bank account, is legal, healthier, and no doubt the best thing to do. Most of the banks offering offshore services have now made it possible to open an account even right in your home country. This post is a holistic review on opening a US dollar bank with HSBC in Hong Kong.
Why open a dollar account abroad ?
Because of the currency fluctuations in various money markets, the best thing to do is getting an account operating in the most stable currency. Whether looking for personal or corporate offshore bank account, the dollar is one of the most stable, common, and easy to use currency.
Requirements for opening a US dollar account with HSBC in Hong Kong
Anybody can open a dollar account with HSBC in Hong Kong if he/she has the right documentation. The main reason for creating this post is to assist people get financial freedom, enjoy better banking system stability, avoid the risk of being frozen because of lawsuits, and easy access to cash.
- Personal information and supporting document and occupation
- Proof of personal info such as driving license and utility bills.
- Apostilles” stamp from your county’s administration.
- You might be required to give additional verification as a money laundering counter-strategy.
Select dollar as your preferred currency
Unlike the local banks, many offshore financial institutions give clients the option of selecting the currency of choice. Make sure to select dollar as your currency so that all transactions are made in dollar. However, some banks also give clients extra flexibility so that you can change the currency of choice as you want.
For a dollar account, the bank will always use the current exchange rates. If you decide to transact during weekends, holiday, or at night, the bank will use the most recent exchange rates.
Using agency to open a dollar account with your offshore bank
For people who cannot travel to Hong Kong, Opening a US dollar bank account with HSBC in Hong Kong is still possible. You need to liaise with the bank through its online portal and make a request.
As multinationals, most offshore banks have presence in very many countries and will refer you to the nearest one. After the documents have been verified, you will be required to select the account currency that will be used for all the transactions.
Additional things to consider when opening a US dollar bank account with HSCB in Hong Kong
Take time to review how you will be accessing your funds in the dollar account. Banks provide a broad range of international money transfers to help you access and make deposits. These include PayPal, Credit Cards, Western Union, and Skrill among others. The most important thing is checking that the selected method of funds access is applicable in your country.
By opening a US dollar bank account with HSBC in Hong Kong, you will also be able to make online transfers and even use mobile banking. These methods are preferred because you can access money from anywhere in the world as far as you can access internet.
For people who want to transfer a lot of money from their local investments to the offshore dollar account, a better method is using bank-to-bank wire transfer. The process requires you to provide SWIFT code of both banks so that the money is wired to the right account faster. However, bank to bank wire transfers attract a transfer charge on every transfer that you transact.